Is the $550 cdn for the Denon 1602 with or without taxes? The regular price before haggling is $599cdn, so $50 is not that great of the deal especially with the 1603 soon to be hitting stores soon. From what I read, the 1603 is the equivilant of the 1802 (upped to 80watts per channel) with the addition of component switching.
The new 1803 will have component swtiching and Dolby 6.1 ES.
There is also a new lower model 1403 which sounds like the 1602 (70 watts per channel).
The good thing is the prices for 02's should be the close to the 03.
Therefore, the it might be better to wait for Denon 1603 if the difference is only $50. Also, the 03's have a much improve remote control.
-note, these conclusions are drawn from the technial specs given by Denon and may not necessarily be correct.

Hope this helps a bit...
Spaz.